GM Shares Fall on June Sales; Penson Tumbles: U.S. After-Hours
General Motors Corp. (GM) fell in extended U.S. trading after the country's biggest automaker said U.S. sales plunged 21 percent last month.
Shares of the Detroit-based company declined 70 cents, or 1.8 percent, to $37.28 as of 4:26 p.m. New York time. Regular trading ended at 1 p.m. today. U.S. stock markets will be closed tomorrow for the Independence Day holiday.
GM's June sales decline was paced by a 23 percent drop in Chevrolet full-sized pickups and other light trucks and a 60 percent drop in the mid-sized TrailBlazer sport-utility vehicle. Cars fell 19 percent.
Penson Worldwide Inc. (PNSN) retreated $4.92, or 19 percent, to $20.44 in after-hours trading. The Dallas-based clearing company that processes securities trades and makes margin loans forecast 2007 earnings of as much as $1.24 a share. That's less than the $1.39 average estimate of 6 analysts surveyed by Bloomberg.
In regular trading, U.S. stocks gained for a second day after factory orders fell less than forecast and $8.5 billion of takeovers spurred speculation that mergers and acquisitions will extend the rally.
The S&P 500 added 5.44, or 0.4 percent, to 1524.87. The Dow Jones Industrial Average gained 41.87, or 0.3 percent, to 13,577.3. The Nasdaq Composite Index increased 12.65, or 0.5 percent, to 2644.95.
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